According to Citigroup analysts, some major Bitcoin whales may have started selling.
“On-chain data shows a gradual decline in addresses holding large amounts of Bitcoin, while the number of small investor wallets has increased. It appears some long-term investors have turned to the sell side,” bank analyst Alex Saunders wrote in a note.
Bitcoin fell more than 6% yesterday, falling below the critical $100,000 support level. This marked the first time BTC has broken below that level since late June. The decline coincides with weakening investor appetite for both cryptocurrencies and AI-related stocks.
Price action in recent weeks suggests a continuation of Bitcoin’s downtrend. After a historically strong October, it missed expectations this year for the first time since 2018. Citigroup cited the resurgence of US-China trade tensions and the subsequent liquidation of highly leveraged digital asset positions as key reasons for this decline.
At press time, Bitcoin was trading at $103,788, up 3.2%. However, BTC remains weaker, down 6% on the week.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/citigroup-explains-why-the-bitcoin-btc-price-fell/
